June 12 (Bloomberg) -- Mineral Resources Ltd. crashed a
takeover by China’s Baosteel Group Corp. to get a seat at the
table for the development of a A$7.4 billion ($6.9 billion)
port, rail and mine project in Australia.

Mineral Resources, which today filed notice of its purchase
of a 12.8 percent stake in takeover target Aquila Resources
Ltd., said it wants to ensure the project in Western Australia
goes into production as soon as possible.

Baosteel, owner of China’s biggest listed steelmaker, and
Aurizon Holdings Ltd. last month offered to buy Aquila in a deal
that valued the Australian company at A$1.4 billion and that
would give them a half stake in the West Pilbara project.
Mineral Resources has developed a plan for the project, jointly
owned by AMCI Inc., and is seeking talks with Aquila’s major
shareholders, including Baosteel.

“We have the financial capacity to make a meaningful
capital contribution towards the development,” Mineral
Resources Managing Director Chris Ellison said in a statement.

Baosteel and Aurizon have made a “full-value” bid for
Aquila, Aurizon said today in an e-mail statement. “The offer
gives shareholders certainty of value in contrast to remaining a
shareholder of Aquila and facing the challenges of declining
commodity markets, large capex financing, potentially dilutive
capital raisings” and developing new projects.

Almost 50 million Aquila shares traded yesterday at A$3.75
a share. That’s 10 percent more than Baosteel and Aurizon’s cash
bid of A$3.40 a share.